Over two-thirds (68 per cent) of UK business owners were motivated to start their business after working in jobs they hated, according to new research from Oneday, the new EdTech platform for aspiring entrepreneurs.
Oneday polled 500 UK business owners, via Censuswide, about their journey so far, the challenges they faced, and their primary motivations for launching and running their business. The data revealed that nearly three-quarters (73 per cent) believe that one of the main reasons many entrepreneurs’ first start-ups fail is due to a lack of experience and awareness.
In fact, over half of successful business owners (51 per cent) revealed that they would never have achieved the success they know today, if not for past business failures or career setbacks. For context, 43 per cent of the surveyed respondents said that they had suffered a major career setback, such as a failed business, in the past.
A lack of mentorship or guidance was cited as one of the primary challenges to starting and maintaining a business. 68 per cent of business owners said they had almost no mentorship or guidance at all when starting their own business, and three-quarters (76 per cent) said that the process would have been far easier with better support networks and mentors in place.
Understanding all the tools, admin and paperwork required to run a business was a particular pain point for a majority (56 per cent) of UK business owners.
As a result, two-thirds of respondents said that with community-led support and guidance in place, the success-rates for start-ups will surge. This explains why 68 per cent of business owners always try to lend support to ‘new’ business owners or aspiring entrepreneurs.
Interestingly, despite the challenges facing small businesses this year, such as the Great Resignation, the energy crisis, and inflation, more than half (51 per cent) said that 2022 is a good time to start a business.
Taras Polischuk, COO & Co-Founder of Oneday commented: “Startups and small businesses are the lifeblood of the economy, and clearly there is a strong appetite from budding entrepreneurs to move away from dull, outdated or poorly managed jobs.”
“However, going it alone can be extremely daunting, especially when there is no precedent, mentorship or support structure in place to guide them. As a result, too many new business owners and aspiring entrepreneurs are left alone, without a fighting chance of success.”
“This needs to change, and with the right resources, entrepreneurs will be empowered to not only start their dream business venture, but also succeed at it.”